We have all heard of Snapchat, the infamous app that allows users to “snap” a photo or video, add a caption, and send it off to friends for a limited amount of viewing time of up to 10 seconds until the image disappears forever. Recently, Snapchat has taken their ability to connect with friends to the next level by now offering Snapcash.
The original Snapchat paired up with Square and to create Snapcash. Snapcash is exactly what it sounds like. It is a way for friends to “snap” money to each other once users have entered their debit card information in the app. Here is exactly how it works:
- You send a snap to a friend like you normally would
- Type in a dollar amount
- The app will then recognize the amount and a green “$” button will light up
- If you want to confirm and send the amount, all you have to do is press send
- The money that you sent will almost instantly appear in the receiver’s bank account
We know what you’re thinking…what if one of your friends takes your phone and snaps themselves your entire life savings? Don’t worry. There is a $2,500 limit as to how much you can send a friend each week via Snapcash. Another twist: it will only work with Visa and Mastercard.
Additionally, Snapcash will not store your debit card information, that is Square’s job. Essentially, Snapchat and Square are a like a power couple. In order for it to work, Snapchat will send money back and forth between friends, while Square is what actually deals sorting out the finances and keeping your information safe.
Now you can pay back your friends for last nights drinks in a simple, fun, and easy way while knowing that your personal finance information is safe and sound. Happy Snapchash-ing!
